The company itself has admitted liability, and now three BP oil employees are defending individual criminal charges (including manslaughter charges) for the devastating explosion of the Deepwater Horizon platform, and BP’s subsequent failure to stop the flow of millions of gallons of oil into the Gulf of Mexico. In the meantime, residents and business owners in the region are being notified that under the terms of the December 21, 2012 final settlement agreement, most of them are likely entitled to a piece of BP’s estimated $7.8 billion payout.
The BP oil spill claims process is a court-supervised settlement program that reviews and pays claims to qualified individuals and businesses. Although the payout to individuals and businesses is estimated at $7.8 billion, there is no cap on damages (except for those making a claim under the Seafood Compensation Program), and the final payout could be more or less than that amount.
To be considered part of the class settlement, all you need to do is meet the test set forth under the final settlement agreement.
Since there are many different claim forms, it is important to select the right one and fill it out in compliance with the settlement agreement, as well as provide the correct supporting documentation. Deepwater Horizon claim forms must be completed and submitted along with certain supplementary documentation. Claims processors have reported that many claims have been denied to those who attempted to fill out the forms without legal assistance. However, most attorneys have found the new process to be generally straightforward, effective and prompt in compensating victims for losses.
For those who retain legal counsel, settlement checks are generally being paid within 3-6 months of claim submission and at nearly 100% of the amount claimed.
For those who are not part of the settlement class or who have opted out of the settlement, there is a separate claims process through BP, and we can assist you with legal action against the company.
Everyone who lives, works or has a business in the Gulf Region is a candidate for compensation. Call us today for a free consultation and assessment of your claim.
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